Post by
arh0070 on Oct 18, 2022 10:43am
Bnxa
Well the reason for the sudden price rise has now been released.
BNXA has issued convertible securities at 10% interest to an insider .
This is a type of deal often done by Berkshire Hathaway but in much larger amounts .Very profitable for the issuer ,not so much for the company as its expensive debt .
Quite obvious that there has been a leak of insider information by someone in the know .I find it quite disgraceful.Shares have been sold over the last few days at a significant loss by people who were not in the know .There needs to be an investigation by the relevant regulatory authorities into the source of the leak .Probably not enough money lost by the sellers to employ a legal firm who specializes in these type situations.
BNXA now per the news release has enough money (10 million plus) to survive another year .Only a few crumbs of financial information have been released to retail shareholders who are treated with disdain by the insiders ,its clear they are burning about 1 million cash a month .
The Crypto winter is not over and there are no signs that it is ending anything soon ,the markets remain bad ,interest rates are still rising and we are likely in the middle of a 'sucker rally'
BNXA clearly not for widows orphans or retail investors who like to play on a level playing field .
Individual retail investors should not pay any notice of the paid boosters and should make there own informed decision as to whether bnxa is a stock worth owning .